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The four failed funds, dubbed "lightly followed" by Claymore's press release, are not the only funds that have failed to attract investors. Claymore has already closed 13 funds in the, due to lack of trading, and
several other low-volume funds still remain on the roster.

The four Morningstar-braded funds illustrate the fact that funds that look good on paper do not always function well in the open marketplace. At the top of MZN's underlying portfolio are companies like
Apple(AAPL - Get Report),
Microsoft(MSFT - Get Report) and
IBM(IBM - Get Report), which are some of the most highly traded companies listed on the market today. The liquidity of MZN's underlying portfolio, however, did not translate to liquidity for the ETF itself. MZN's three-month average daily trading volume is less than 1,000 shares.

While Morningstar, a well regarded mutual fund rating company with sharp analytical commentary, is certainly a powerful brand in the financial world, the four failed ETFs are evidence that funds need more than name-brand index. Claymore's press release about the funds notes that assets in MZN, MZG, MZO and UEM represent less than 0.70% of the company's total ETF assets.